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Ergodic cobweb chaos

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  • Akio Matsumoto

Abstract

This study augments the traditional linear cobweb model with lower and upper bounds for variations of output. Its purpose is to detect the relationship between the output constraints and the dynamics of the modified model. Due to the upper and lower bounds, a transitional function takes on a tilted z -profile having three piecewise segments with two turning points. It prevents the price (or quantity) dynamics from explosive oscillations. This study demonstrates, by presenting numerical examples, that the modified cobweb model can generate various dynamics ranging from stable periodic cycles to ergodic chaos if a product of the marginal propensity to consume and the marginal product is greater than unity.

Suggested Citation

  • Akio Matsumoto, 1997. "Ergodic cobweb chaos," Discrete Dynamics in Nature and Society, Hindawi, vol. 1, pages 1-12, January.
    • Handle: RePEc:hin:jnddns:914695
    DOI: 10.1155/S1026022697000149
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    Cited by:

    1. Ahmad Naimzada & Nicolò Pecora & Fabio Tramontana, 2019. "A cobweb model with elements from prospect theory," Journal of Evolutionary Economics, Springer, vol. 29(2), pages 763-778, April.

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